One thing has struck me about this year's round of property and casualty insurance industry-association conferences I've attended—the seething contempt many executives have for federal-regulatory involvement in the insurance industry.
More than a few people of this mind point to the current financial morass as justification for their opinion.
They argue that when the mortgage-backed securities house of cards fell for the banks, insurers were immune from the fallout. Banking institutions were federally supervised and those regulators failed to see the problem and failed to prevent it. Whereas, insurers, regulated by the states, did not fail because they did not make the bad bets banks did.
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